SAN FRANCISCO, June 7, 2017 /PRNewswire/ --
The global surge protection devices (SPDs) market is expected to reach USD 3.39 billion by 2025, according to a new study by Grand View Research, Inc. The high costs incurred due to electrical equipment downtime are expected to surge the demand for these devices over the forecast period.
The need for protection against lightning and voltage fluctuations has triggered the implementation of SPDs. These devices are available in various types, which are used in an electrical distribution system depending on location requirements. Surge protection devices also ensure proper functioning of electrical equipment during surges caused lightning strikes. Thus, implementation of SPDs is of prime importance for any business or residential and commercial buildings.
The Asia Pacific region is one of the key regions for outsourcing services, owing to favorable government policies. This has led to a significant growth in the number of data centers across the region. As these data centers store information of high importance to the user, any failure in their functioning, due to downtime caused by an electrical surge, would lead to heavy losses. Moreover, increasing renewable energy generation projects across rural regions are further expected to bolster the use of SPDs.
The rise in disposable income has enabled the adoption of expensive consumer electronic. As these electronic products are subject to regular internal surges, it is essential to safeguard them. Furthermore, in developed regions, the well-established information technology industry is encouraging the use of surge protection devices on a large-scale for protecting electronic hardware such as data servers, desktops, and electrical supply equipment.
Browse full research report with TOC on "Surge Protection Devices (SPD) Market Analysis By Product Type (Type 1, Type 2, Type 3, Type 4), By Power Rating (0-50 kA, 50.1-100 kA, 100.1-200 kA, 200.1 kA & Above), By Application, By Region, And Segment Forecasts, 2014 - 2025" at: http://www.grandviewresearch.com/industry-analysis/surge-protection-devices-market
Further key findings from the report suggest:
- The type 2 SPD segment was valued at USD 610.1 million in 2016
- The growing number of hospitals in developing economies, such as India and China, along with widespread healthcare network in developed countries, is anticipated to foster market growth
- Increased electrification of rail networks, coupled with the growing popularity of electric vehicles and their required infrastructure, is predicted to boost the growth prospects of SPDs in the near future
- The North American region is expected to significantly contribute to the industry growth and represented the largest market size with USD 778.3 million in 2016, owing to the widespread awareness of the benefits of SPDs
- The key industry participants include ABB Ltd, Advanced Protection Technologies, Inc., G Power and Industrial Solutions Limited, Eaton Corporation PLC, Emerson Electrical Co., General Electric, Legrand S.A., Schneider Electric, Siemens AG, and Tripp Lite
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Grand View Research has segmented the surge protection devices market based on product types, power ratings, applications, and regions:
- Surge Protection Devices Product Type Outlook (Revenue, USD Million; 2014 - 2025)
- Type 1
- Type 2
- Type 3
- Type 4
- Surge Protection Devices Power Rating Outlook (Revenue, USD Million; 2014 - 2025)
- 0-50 kA
- 50.1-100 kA
- 100.1-200 kA
- 200.1 kA and Above
- Surge Protection Devices Application Outlook (Revenue, USD Million; 2014 - 2025)
- Data center
- Other End-Uses
- Surge Protection Devices Regional Outlook (Revenue, USD Million; 2014 - 2025)
- North America
- Asia Pacific
- South America
- Middle East & Africa (MEA)
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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SOURCE Grand View Research, Inc.